How to leverage IoT technology: Disruptions and Solutions
September 3, 2021
The rate of change triggered by innovative technologies is molding the markets and competitive landscapes on a global scale. Technologically native organizations are reducing top leaders of industry of the early 2000s in market capitalization. Also, global macroeconomic forces are costing in frequency and severity, constantly jeopardizing business continuity.
Luckily, technology provides a means to carry these disruptive threats and delivers a pace to a hyper-growth and profitable future for traditional enterprises.
The double-edged sword of disruption defines the ongoing battle organizations face between serious disruptive threats and leveraging opportunities to counter them. Most of the industries are dealing with these disruptions with the industrial internet of things(IIOT). primarily, there is a need to leverage IoT in order to stay ahead of the game.
Let’s see how leveraging IoT provides a straightforward solution to disruptions.
Global economic uncertainty and Cost intensive
Several global events and forces manufacturers are endless and continuous.
There are frequent challenges on the supply chain resilient like trade wars, chip shortage, and Covid-19. Sometimes, unexpected events result in substantial downtime and layoffs for production facilities. Even without outside factors, Manufacturers are operating in a transparent cost-intensive ecosystem where the stakeholders regularly challenge the stakeholders more efficiently.
Smart connected operations
Undoubtedly, reducing costs is the most fundamental cited goal for manufacturers’ digital projects. These are from improving the efficiencies of critical assets, reducing manufacturing and operating costs, or the prices of goods sold, which may rise 50% of annual revenue for industrial companies.
The IIoT multiplies in these industries and production environments through Smart connect operations and exemplifies how digital technologies combine physical processes. IIoT connects into disparate yet crucial industrial equipment underlying much of these costs and opens up the profitable insights for performance and health data. The Core IIoT platform is capable of monitoring and managing performance across the lines is the key to increasing cost-centric operations, like Overall equipment effectiveness(OEE) or downtime.
Zero unplanned downtime, an ambitious production goal was implemented by Bharat forge– a metal forming manufacturer. They recognized IIoT as the only way to find out the culprits of downtime through real-time visibility and analysis of historical performance trends. Bharat lessening costly downtime via IIoT improved OEE by 15% in their forging lines.
SCO can also help manufacturers to create or maintain market varying products. For instance, Carlisle construction materials’ (CCM) production lines are more substantial, generating two billion board feet of insulation a year. The manufacturing process requires real-time and in-context information to ensure the quality of products across the complex. CCM condemned IoT to connect, analyze and democratize the heterogeneous data across its industrial environment. It also equips its engineers, operators, and maintenance staff with critical insights to maintain the highest levels of quality.
Digitally Native Startups and Manufacturers
Software startups leveraging cutting-edge technologies like IoT, Robotics, cloud computing, and artificial intelligence(AI) are considered digital disruptors. However, this formula also applies to emerging digitally native manufacturers who capitalize on rising technologies to offer differentiating products and services. These young manufacturers are less feared by industrial processes and organizational barriers. They also react quickly to market conditions.
For example, this pandemic made the world adapt to at-home exercise equipment and machinery like peloton, alterations to business strategy and creating correlating shifts.
Smart connected products.
Large-scale manufacturing companies generate service revenues by leveraging their production scale to create next-level products and sizable customer bases. Smart connected products are the increasingly chosen path to do so for product and service differentiation;
In a similar overview, a portion of the top-referred external drivers for SCPs is the requirement for separation and direct demands from clients.
IIoT is progressively embedded into the new products as well as refurbished onto existing ones in customer operations. Real-time IIoT perspectives enable customer visibility into the manufacturing process and prevent downtime. IIoT is also creating significant service efficiencies through remote monitoring/service.
IIot platforms are linked with other crucial service information, including parts/consumables, warranties, service history, engineering models, workers, etc. IIoT also helps performance data leverage future iterations and provides a closed feedback loop to engineering teams.
Sunbelt Rentals, a provider of industrial rental equipment, used IIoT to reconsider their deployed product fleet of 60000 assets all over customer operations. A major bottleneck to operational efficiencies resides with enhancing the workflows of its 4000 service technicians. To locate more incisively among the widely dispersed assets, they use real-time and contextualized IIoT-driven health data. It helps them to repair with more granular service information.
IoT empowers an establishment to additional influence administration as a benefit community and origin of recurring income through the arising plan of the business model product as a service. This is where the manufacturers provide usage-based subscriptions instead of traditional product unit sales.
IoT is progressively giving a way to survive in a time of disruption and progressively thrive. Recognize that the two ends(serious threats and opportunities) of the double edge sword of disruption being honed or dulled direct your current and future standing in the market. Today, IIot-led disruption has been multiplied by smart connected operations and products that provide a water stone for manufacturers to cut through competing landscapes.
KloudPLM allows you to handle such disruptions with our cloud-based PLM platform that can be upgraded as per the changes in your infrastructure requirements. To start your journey with KloudPLM schedule a demo today.